| Description | (Not docketed.)
An Article of Partnership was enterd into between M B & J Scale for 21 Years, revokeable at ye end of 7 or 14 Yrs. commencing at Midsumer 1782 In which it was agreed that the profits of the Buttn. Trade should be divided into 3 parts that M B: should have a Commission allowd him By B & S for his risk trouble & Expences of selling the Buttons abroad & in consideration of his takeing no profit or Commission thereon & though that commission is calld only 5 per Cent in the Article yet it was found by experience that M B: was a looser by those terms & therefore it was agreed by & between the parties (& was so settled from the begining) that the allowance or Commission should be 7½ per Cent over & above all other priviledges & advantages which shall or may arise or be made from length of Credt., Extra allowances, good will, & the Carg. of all goods from Birmgm. to London & all other priviledges & advantages which are now or shall at any time hereafter dureing the continuance of the Copartnership be allowd & given to Merchants or any other allowances wch. MB shall be necessiated to make upon the Sale of all such goods in consequence of any Agreemt now subsisting or hereafter to subsist between M B & his Correspondents.
Upon these terms & Conditions the first term of 7 Years passed in harmony & the Accts. were accordingly settled annualy.
As M: B: had always entertaind a high opineon of the integrity justice & honour of J: S: he submitted the whole management of the business & of the settleing the Accts to him & Mr S: at several of the settleings told Mr B: that he had examind the state of the Bill & Banking acct. between B & S and MB & that he found the Interest upon the Bills pd by B & S to MB nearly Ballanced the Int. of the Cash recvd of MB. As MB was always desireous of settleing amicably & as he considerd that 2/3 of the difference (if any) belongd to him he rather chose to settle the Acct liberaly & peacably than to enter into minute & troublesome calculations of Int.
At midsummer 1789 a Verbal agreemt took place between MB & J: S: that instead of J: S: haveing 1/3 part of the profits & MB: 2/3 it was mutualy agreed that the profits should in future be divided equally share & share alike. |